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Best way to transfer shares through CIBC from person to person?

  • Last Updated:
  • Dec 14th, 2021 2:26 pm
[OP]
Deal Addict
Oct 28, 2015
1536 posts
758 upvotes
Nobleton, ON

Best way to transfer shares through CIBC from person to person?

My mom wished to transfer me around $10k worth of shares from her investors edge account to my investor's edge account, however since my account is under my incorporation name and there is no easy way to do so. Thus, I had devised an idea that, at the same time, I set a buying limit price, while she sell with a selling limit price , will this work? Thanks
1 reply
Deal Addict
Jun 28, 2018
1017 posts
753 upvotes
Toronto
If you want the exact cuspid and such then you probably need to contact CIBC. But really, that is likely 99.999% irrelevant aside from posterity of your mom having held those specific shares.

Your solution is basically have your mom sell. Give you the cash. You buy the shares back. It's fast, easy, and works. Only thing is whether the price fluctuates during that time and potential commissions. The exchange matches up sell and buy (Ask/Bid) prices to closest and best available. So even if you two matched the same bid/ask, depending on how liquid the stock is, it is possible, but not likely you will get your mom's shares. Refer back to first point in paragraph above.

No idea what accounting considerations there may be with your mom sending money to your corporation. Is that income for the corporation? Is it a purchase of shares in the corporation? A loan to the corporation? etc

Either way, your mom would have a taxable event (Capital Gain or Loss) assuming shares are in non-registered account.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:

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